Posts Tagged ‘Phoenix’

Again Rubicon has announced excellent drilling results. In these results from yesterday there are many high grade gold intercepts adding more value to the F2 Gold System of Rubicon’s Phoenix Project in the famous Red Lake Area. Just the location of the Rubicon claims in-between well known, high grade mines, was one of the main reasons for us to invest in Rubicon. Still much of the property is unexplored, with more drilling planned in the area, the company has still an unbelievable potential. We bought shares of Rubicon in June 2010 @ CA$3.49 The stock has a 52-week trading range of CA$3.24-CA$6.50 Today the stock opened @ CA$5.51 this means a 57.8% gain since our buy alert, even so the stock remains an interesting buy at this price.

VANCOUVER, Jan. 10 /CNW/ – Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) (“Rubicon”) is pleased to announce further drill results from exploration drilling of the F2 Gold System, part of its 100% owned Phoenix Gold Project in the heart of the prolific Red Lake gold district of Ontario. Results in this release pertain to exploration drilling that is focused outside the area of current delineation drilling which Rubicon reports separately (Figures 1 and 2 and December 21, 2010 news release). The exploration drilling is designed to expand limits of the large F2 Gold System, and is directed at a 1.2 x 1.5 kilometre target area referred to as the ’9X’ target area (See Figure 1). The 9X target area contains a previously announced NI-43-101 compliant, 4.0 million ounce inferred gold resource estimate grading 20.1 g/t gold (0.59 oz/t gold) which includes all drilling up to the end of July, 2010. A total of over 38,000 metres of drilling has been carried out in the 9X target area since July 31, 2010, results from which (including those in the current news release) are not incorporated into the resource estimate.

New results confirm extension into new target areas south of the 9X target area

Several drill holes have extended gold mineralization south of the 9X target area, confirming that the F2 Gold System is present over at least a 600 metre (1970 feet) vertical extent in this area down to a depth of 1357 metres (4452 feet) below surface where it has been drill-tested to date. Signficant results include 2.07 oz/ton gold over 11.5 feet (70.9 g/t gold over 3.5 metres) in hole F2-108 and 39.43 oz/ton gold over 3.6 feet (1351.8 g/t gold over 1.1 metres) in hole F2-108-W1.

These latest holes are significant because they demonstrate that the F2 Gold System geology extends south of the original 9X target area over a considerable vertical extent and that the F2 Gold System continues to be open in all directions for further drilling. A previously reported intercept, located approximately 250 metres below surface (hole PR-10-18 returned 102.7 g/t gold over 0.6 metres), also south of the 9X target area, suggests that the vertical extent of the F2 Gold System could be significant in this area.

Drilling in Target Area 1 continues to extend gold mineralization

A number of holes were completed between depths of approximately 350 metres to 550 metres below surface in target area 1 (Figure 2 and Table 1). These include numerous high-grade intercepts such at 1.46 oz/ton gold over 11.2 feet (50.0 g/t gold over 3.4 metres) in hole 305-39, and 1.31 oz/t gold over 6.9 feet (45.0 g/t gold over 2.1 metres) in drill hole 305-47 (see Table 1 and Figures 1 and 2 for complete results).

These results are significant because they show that the F2 Gold System below the current area of delineation drilling is well developed and is likely to be amenable to future delineation drilling. As well, it provides confidence that the F2 Gold System will continue to fill in at greater depths (target areas 2 and 7) where drilling is currently wider spaced.

“These latest results continue to demonstrate both the very high hit ratio of holes drilled to date since discovery in 2008 as well as the continued presence of significant high-grade gold in newly tested areas. Of particular note is the extension of the system south of the already large 9X target area which bodes well for further expansion of the F2 Gold System,” stated David Adamson, President and CEO.

Rubicon Minerals Corporation is a well-funded exploration and development company, focused on exploring and developing its high-grade gold discovery at its Phoenix Gold Project in Red Lake, Ontario. Rubicon controls over 100 square miles of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp’s high-grade, world class Red Lake Mine.

RUBICON MINERALS CORPORATION
“David W. Adamson”
President & CEO

Table 1: Assay Results

Hole

Elevation

Gold (g/t)

Width (m)

Gold (oz/ton)

Width (ft)

9X Target Area

F2-107

676

3.0

22.5

0.09

73.8

5

Incl.

667

7.1

5.0

0.21

16.4

5

And Incl.

669

18.4

1.0

0.54

3.3

5

F2-108

888

70.9

3.5

2.07

11.5

South of 9X

Incl.

887

245.0

1.0

7.15

3.3

South of 9X

F2-108

975

10.8

1.0

0.32

3.3

South of 9X

F2-108-W1

730

9.2

1.2

0.27

3.9

South of 9X

F2-108-W1

1357

1351.8

1.1

39.43

3.6

South of 9X

F2-109

Anomalous

F2-110

250

3.9

5.8

0.11

19.0

4

F2-111

No Significant Assays

F2-112

719

16.1

1.0

0.47

3.3

South of 9X

F2-113

Anomalous

122-74

1025

19.0

1.0

0.55

3.3

5

122-74

1075

22.1

2.0

0.64

6.6

5

Incl.

1076

34.4

1.0

1.00

3.3

5

122-74

1207

11.7

1.0

0.34

3.3

8

122-75

No Significant Assays

305-20

Anomalous

305-22

No Significant Assays

305-23

307

8.5

1.4

0.25

4.6

1

305-24

Anomalous

305-25

Anomalous

305-26

No Significant Assays

305-27

287

37.8

3.0

1.10

9.8

1

Incl.

287

102.0

1.0

2.98

3.3

1

305-29

301

6.0

2.0

0.18

6.6

1

305-30

459

5.4

7.0

0.16

23.0

1

Incl.

460

11.9

2.0

0.35

6.6

1

305-31

432

7.7

2.2

0.22

7.2

1

305-32

583

3.0

6.0

0.09

19.7

1

305-33

503

5.1

3.0

0.15

9.8

1

Incl.

502

14.6

0.9

0.43

3.0

1

305-34

255

3.9

3.0

0.11

9.8

1

305-35

297

6.9

5.0

0.20

16.4

1

Incl.

297

19.6

1.5

0.57

4.9

1

305-35

298

6.3

1.8

0.18

5.9

1

305-35

308

5.7

6.1

0.17

20.0

1

Incl.

308

16.8

1.0

0.49

3.3

1

305-35

309

3.5

3.1

0.10

10.2

1

305-35

312

4.4

3.9

0.13

12.8

1

305-36

342

3.2

19.0

0.09

62.3

1

Incl.

340

13.9

1.0

0.41

3.3

1

Incl.

346

24.7

1.0

0.72

3.3

1

305-36

362

4.7

8.5

0.14

27.9

1

Incl.

360

16.6

1.5

0.48

4.9

1

305-37

Anomalous

305-38

326

3.9

6.0

0.11

19.7

1

Incl.

325

12.7

1.0

0.37

3.3

1

305-38

333

14.6

2.2

0.43

7.2

1

305-39

394

5.4

13.0

0.16

42.6

1

Incl.

394

18.8

2.0

0.55

6.6

1

305-39

417

6.0

4.0

0.18

13.1

1

Incl.

416

12.8

1.6

0.37

5.2

1

305-39

451

50.0

3.4

1.46

11.2

1

Incl.

451

160.5

1.0

4.68

3.3

1

305-39

475

5.5

3.4

0.16

11.2

1

305-39

526

12.8

1.0

0.37

3.3

1

305-40

947

14.8

1.0

0.43

3.3

2

305-40

975

7.3

2.0

0.21

6.6

2

Incl.

975

12.2

1.0

0.36

3.3

2

305-41

388

36.3

2.0

1.06

6.6

3

Incl.

388

71.5

1.0

2.09

3.3

3

305-42

No Significant Assays

305-43

1157

7.7

12.1

0.22

39.7

7

Incl.

1155

11.9

4.5

0.35

14.8

7

305-44

553

9.0

1.2

0.26

3.9

2

305-45

671

5.3

3.0

0.15

9.8

2

Incl.

670

24.1

0.5

0.70

1.6

2

305-46

973

11.6

2.0

0.34

6.6

2

305-46

986

5.6

5.8

0.16

19.0

2

Incl.

985

13.8

2.0

0.40

6.6

2

305-47

394

45.0

2.1

1.31

6.9

1

Incl.

394

90.0

1.0

2.63

3.3

1

Holes with the prefix ’122′ and ’305′ were drilled from underground. Assays are uncut. Reported results satisfy the following criteria: >10.0 gram gold x metre product and >3.0 g/t gold. Anomalous holes satisfy the following criteria: >2.5 gram gold x metre product and < 10.0 gram gold x metre product and > 2 g/t gold. A complete listing of results to date for the F2 Zone is available at www.rubiconminerals.com.

Assaying and Qualified Person Drill core assays were conducted on sawn NQ-sized half core sections. Delineation drilling intercepts represent horizontal thickness which at this time is interpreted to be true thickness.The saw blade is routinely cleaned between samples when visible gold is noted during logging and sampling of the drill core. Assays from underground are conducted on face samples that employ a panel sample technique. This technique marks out intervals on the face or walls defined by geological or mineralogical boundaries taking no more than a one metre square for any panel. All assays were conducted by SGS Minerals Services using standard fire assay on a 30 gram (1 assay ton) sample with a gravimetric finish procedure. Assays are uncut as is standard practice in Red Lake. Standards, blanks and check assays were included at regular intervals in each sample batch. Check assays on 5% of samples are carried out at a third party independent laboratory. Gold standards were prepared by CDN Resource Laboratories Ltd. Drill work programs in this release were supervised by Terry Bursey, P.Geo. Regional Manager for Rubicon and the project exploration Qualified Person under the definition of NI 43-101.

Forward Looking Statements This news release contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934 and “forward looking information” within the meaning of applicable Canadian provincial securities legislation (collectively, “forward-looking statements”). Forward-looking statements often, but not always, are identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “targeting” and “intend” and statements that an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and other similar expressions. Forward-looking statements in this document include statements regarding the timing and nature of future exploration programs which are dependent on projections which may change as drilling continues, or if unexpected ground conditions are encountered. In addition, areas of exploration potential are identified which will require substantial drilling to determine whether or not they contain similar mineralization to areas which have been explored in more detail. The description of the extent of mineralized zones is not intended to imply that any economically mineable estimate of reserves or resources exists on the Phoenix project. Similarly, although geological features of the F2 Gold System are interpreted to show similarities to nearby gold producing mines owned by third parties, this should not be interpreted to mean that the F2Gold System has, or that it will, generate similar reserves or resources. Significant additional drilling is required at F2 to fully understand system size.

The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results might differ materially from results forecast or suggested in these forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause the actual results to differ include market prices, results of exploration, availability of capital and financing on acceptable terms, inability to obtain required regulatory approvals, unanticipated difficulties or costs in any rehabilitation which may be necessary, market conditions and general business, economic, competitive, political and social conditions. These statements are based on a number of assumptions, including assumptions regarding general market conditions, timing and receipt of regulatory approvals, the ability of the Company and other relevant parties to satisfy regulatory requirements, the availability of financing for proposed transactions and programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there may be other factors which cause actual results to differ.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Today Rubicon announced more results from its Phoenix Project in Red Lake, Ontario. The project really lives up to “Red Lake Standard”. We boughs shares of Rubicon last July @ CA$3.49 using today’s intra-day high of CA$5.69 this means a 63% gain in just 5 months!

Rubicon News Release:

VANCOUVER, Dec. 21 /CNW/ – Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) (“Rubicon”) is pleased to announce that bulk sampling has commenced within the core area of the F2 Gold System. Delineation drilling is being carried out in the core part of the previously announced NI 43-101 4.0 million ounce inferred gold resource estimate grading 20.1 g/t gold (0.59 oz/t gold). The bulk sampling has been initiated on one of the newly identified sub-zones (the “WLB2 Zone”) within the F2 Core Zone area, approximately 300 metres below surface. The northeast-trending WLB2 Zone (Figure 1) has been successfully defined by 18 drill holes over a strike length of 55 metres and 20 metres vertically (the limit of current delineation drilling). Previous, wider spaced drilling in this area suggests a minimum depth potential of 230 metres which remains open both up and down dip.

Definition holes are at a nominal spacing of 7.5 metres and have a horizontal length-weighted average gold grade of 1.07 oz/ton gold over 6.6 feet (36.6 g/t gold over 2.0 metres) horizontal width (see Table 1 for additional assay results from the WLB2 zone). It is estimated that a bulk sample of approximately 1000 tonnes will be extracted from the WLB2 Zone from which grade reconciliation and metallurgical work will be completed during Q1, 2011.

A second, 1000 tonne bulk sample will be taken early in 2011 from one or more of the central area sub-zones currently being defined on the same level (Figure 1). Based on observations from underground mapping and sampling, drilling, and advice from metallurgical consultants Soutex Ltd., bulk samples from separate zones are preferred to a single sample from one zone in order to allow an assessment of potential differences between individual zones. Metallurgical test work on this bulk sample will also be completed during Q1, 2011.

WLB2 area

In the 360 cross cut in the WLB2 Zone (Figure 1), systematic face sampling indicates an average grade in two separate rounds taken of 0.86 oz/ton gold (29.4 g/t gold) and 0.35 oz/ton (11.96 g/t gold) gold, respectively from face and wall panel samples covering an area of 7.3 metres in length x 3.0 metres in height (24 x 10 feet) each round. This area was cut by a previous delineation drill hole which graded 6.7 g/t gold over 6.3 metres including 17.4 g/t gold over 1.5 metres. The systematic face sampling represents a volumetrically more significant sample compared to the single drill hole in this area.

Central area drilling

Definition drilling in this area is ongoing and is being extended to test for the presence of additional NW-trending (F2) zones within a NE trending (F1) mineralized corridor (Figure 1). Significant assays include drill hole D305-04-027 intercept 1.14 oz/t gold over 16.4 feet (39.1 g/t gold over 5.0 metres), drill hole D305-04-028 intercept 1.55 oz/t gold over 36.1 feet (53.3 g/t gold over 11.0 metres) and drill hole D305-05-023 intercept 15.88 oz/t gold over 7.5 feet (544.5 g/t gold over 2.3 metres). To date, multiple visible gold bearing zones have been identified that are oriented in both the F1 and F2 directions. A tabulated summary of results is presented in Table 2. When previous, wider spaced drilling is incorporated (see compilation plan map – Figure 1), mineralization in the central area can currently be inferred for approximately 300 metres vertically. Where delineation drilling has taken place, new sub-zones are being intersected where previously no holes were present or where only low grade gold was present. Future delineation drilling will test if this pattern repeats to depth.

“Although it is early days, we are encouraged that we are seeing more gold zones in the area of our drift and cross-cuts and also in our delineation drill holes than had been suggested by our initial wider spaced drilling. We are seeing clear evidence of at least two major structural trends both of which can host visible and high-grade gold. The zones we are defining are of similar dimensions to those documented from the Red Lake Mine and, based on drilling to date, they have good potential to continue to depth,” stated David Adamson, President and CEO.

Rubicon Minerals Corporation is a well-funded exploration and development company, focused on exploring and developing its high-grade gold discovery at its Phoenix Project in Red Lake, Ontario. Rubicon controls over 100 square miles of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp’s high-grade, world class Red Lake Mine.

RUBICON MINERALS CORPORATION
“David W. Adamson”
President & CEO

Table 1: WLB2 Zone Delineation Drilling Assay Results

Hole

ElevationLevel

Gold(g/t)

Width(m)

Gold(oz/ton)

Width(ft)

9XTargetArea

D305-05-013*

304

17.0

1.8

0.50

5.9

1

303

5.6

3.6

0.16

11.8

1

303

26.5

1.0

0.77

3.3

1

D305-05-014*

302

669.1

0.8

19.52

2.6

1

D305-05-015*

303

5.2

4.1

0.15

13.4

1

D305-05-016*

295

568.9

2.5

16.59

8.2

1

Incl.

295

1406.8

1.0

41.03

3.3

1

D305-05-017*

304

6.7

6.3

0.20

20.7

1

Incl.

304

17.4

1.5

0.51

4.9

1

And Incl.

304

38.5

0.5

1.12

1.6

1

D305-05-018*

Anomalous

D305-05-019*

Anomalous

D305-05-020*

297

93.8

2.0

2.74

6.6

1

Incl.

297

183.0

1.0

5.34

3.3

1

D305-05-037

303

13.6

1.7

0.40

5.6

1

302

8.7

1.5

0.25

4.9

1

D305-05-038

Anomalous

D305-05-039

300

9.8

5.5

0.29

18.0

1

Incl.

301

20.8

1.9

0.61

6.2

1

D305-05-040

Anomalous

D305-05-041

Anomalous

D305-05-042

302

78.6

0.5

2.29

1.6

1

D305-05-043

283

19.5

2.0

0.57

6.6

1

Incl.

282

39.5

1.0

1.15

3.3

1

D305-05-044

292

16.2

1.0

0.47

3.3

1

D305-05-045

293

7.8

2.0

0.23

6.6

1

Incl.

293

13.5

1.0

0.39

3.3

1

D305-05-046

293

5.1

4.0

0.15

13.1

1

289

5.4

3.8

0.16

12.5

1

Incl.

288

14.1

0.9

0.41

3.0

1

*previously released results

Holes with the prefix ‘D305′were drilled from underground on the 305 metre level and are part of the delineation program. Assays are uncut. Reported results satisfy the following cut-off criteria: An intercept equal to or greater than 10 g/t gold (gram) x (metre) product value and possessing an average grade of equal to or greater than 5.0 g/t gold.

Anomalous holes satisfy the following criteria: >2.5 gram gold x metre product and > 2 g/t gold. A complete listing of results to date for the F2 Gold System is available at www.rubiconminerals.com.

Table 2: Central Area Delineation Drilling Assay Results

Hole

ElevationLevel

Gold(g/t)

Width(m)

Gold(oz/ton)

Width(ft)

9XTargetArea

D305-04-021

Anomalous

D305-04-023

Anomalous

D305-04-023

251

24.2

1.4

0.71

4.6

1

Incl.

251

36.3

0.9

1.06

3.0

1

D305-04-023

226

5.3

4.0

0.15

13.1

1

D305-04-024

248

14.8

2.0

0.43

6.6

1

Incl.

248

27.6

1.0

0.81

3.3

1

D305-04-024

242

178.0

0.7

5.19

2.3

1

218

6.1

4.0

0.18

13.1

1

Incl.

217

18.3

1.0

0.53

3.3

1

D305-04-024

209

6.2

5.0

0.18

16.4

1

Incl.

210

16.3

1.0

0.48

3.3

1

D305-04-026

231

126.4

0.5

3.69

1.6

1

D305-04-027

103

39.1

5.0

1.14

16.4

1

Incl.

104

361.8

0.5

10.55

1.6

1

D305-04-028

326

53.3

11.0

1.55

36.1

1

Incl.

327

92.9

6.1

2.71

20.0

1

And Incl.

327

162.5

3.2

4.74

10.5

1

And Incl.

328

676.7

0.7

19.74

2.3

1

D305-04-029

Anomalous

D305-05-021

303

6.0

14.8

0.18

48.6

1

Incl.

303

16.3

1.8

0.48

5.9

1

303

31.8

1.0

0.93

3.3

1

D305-05-022

295

5.1

4.5

0.15

14.8

1

Incl.

293

19.7

1.5

0.57

4.9

1

And Incl.

293

26.8

1.0

0.78

3.3

1

293

11.4

2.9

0.33

9.5

1

D305-05-023

308

11.1

1.1

0.32

3.6

1

309

5.0

14.0

0.15

45.9

1

Incl.

309

15.2

2.0

0.44

6.6

1

311

5.0

2.2

0.15

7.2

1

311

544.5

2.3

15.88

7.5

1

Incl.

311

1240.9

1.0

36.19

3.3

1

312

20.8

4.0

0.61

13.1

1

Incl.

312

34.7

2.0

1.01

6.6

1

D305-05-024

303

5.3

5.0

0.15

16.4

1

Incl.

303

13.1

1.5

0.38

4.9

1

303

6.0

4.0

0.18

13.1

1

Incl.

303

19.5

1.0

0.57

3.3

1

D305-05-025

298

7.3

4.9

0.21

16.1

1

Incl.

298

39.5

0.7

1.15

2.3

1

D305-05-026

308

8.1

2.0

0.24

6.6

1

Incl.

308

13.9

1.0

0.41

3.3

1

311

11.9

15.1

0.35

49.5

1

Incl.

311

56.7

3.0

1.65

9.8

1

D305-05-027

303

25.9

1.0

0.76

3.3

1

D305-05-028

296

10.1

1.0

0.29

3.3

1

293

22.4

3.0

0.65

9.8

1

Incl.

293

41.8

1.5

1.22

4.9

1

D305-05-028

292

5.1

7.0

0.15

23.0

1

Incl.

292

11.3

2.0

0.33

6.6

1

D305-05-029

310

9.1

6.5

0.27

21.3

1

Incl.

310

29.4

1.5

0.86

4.9

1

311

15.1

1.0

0.44

3.3

1

313

28.6

6.1

0.83

20.0

1

Incl.

313

162.0

1.0

4.73

3.3

1

315

74.8

3.0

2.18

9.8

1

Incl.

315

217.3

1.0

6.34

3.3

1

D305-05-030

Anomalous

D305-05-031

Anomalous

D305-05-032

Anomalous

D305-05-047

300

5.0

2.6

0.15

8.5

1

Holes with the prefix ‘D305′were drilled from underground on the 305 metre level and are part of the delineation program. Assays are uncut. Reported results satisfy the following cut-off criteria: An intercept equal to or greater than 10 g/t gold (gram) x (metre) product value and possessing an average grade of equal to or greater than 5.0 g/t gold.

Anomalous holes satisfy the following criteria: >2.5 gram gold x metre product and > 2 g/t gold. A complete listing of results to date for the F2 Gold System is available at www.rubiconminerals.com.

Figure 1: Plan Map of Central and WBL2 Areas of Drilling(Results included for the 103 through 328 metre levels)

Drill core assays were conducted on sawn NQ-sized half core sections. Delineation drilling intercepts represent horizontal thickness which at this time is interpreted to be true thickness.The saw blade is routinely cleaned between samples when visible gold is noted during logging and sampling of the drill core. Assays from underground are conducted on face samples that employ a panel sample technique. This technique marks out intervals on the face or walls defined by geological or mineralogical boundaries taking no more than a one metre square for any panel. All assays were conducted by SGS Minerals Services using standard fire assay on a 30 gram (1 assay ton) sample with a gravimetric finish procedure. Assays are uncut as is standard practice in Red Lake. Standards, blanks and check assays were included at regular intervals in each sample batch. Check assays on 5% of samples are carried out at a third party independent laboratory. Gold standards were prepared by CDN Resource Laboratories Ltd. Drill work programs in this release were supervised by Terry Bursey, P.Geo. Regional Manager for Rubicon and the project exploration Qualified Person under the definition of NI 43-101. Bulk sample and underground face panel sampling programs in this release were supervised by Eric Hinton, P.Eng, Project Manager for Rubicon and the operations Qualified Person under the definition of the NI 43-101.

Forward Looking Statements

This news release contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934 and “forward looking information” within the meaning of applicable Canadian provincial securities legislation (collectively, “forward-looking statements”) . Forward-looking statements often, but not always, are identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “targeting” and “intend” and statements that an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and other similar expressions. Forward-looking statements in this document include statements regarding the timing and nature of future exploration programs which are dependent on projections which may change as drilling continues, or if unexpected ground conditions are encountered. In addition, areas of exploration potential are identified which will require substantial drilling to determine whether or not they contain similar mineralization to areas which have been explored in more detail. The description of the extent of mineralized zones is not intended to imply that any economically mineable estimate of reserves or resources exists on the Phoenix project. Similarly, although geological features of the F2 Gold System are interpreted to show similarities to nearby gold producing mines owned by third parties, this should not be interpreted to mean that the F2Gold System has, or that it will, generate similar reserves or resources. Significant additional drilling is required at F2 to fully understand system size.

The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results might differ materially from results forecast or suggested in these forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause the actual results to differ include market prices, results of exploration, availability of capital and financing on acceptable terms, inability to obtain required regulatory approvals, unanticipated difficulties or costs in any rehabilitation which may be necessary, market conditions and general business, economic, competitive, political and social conditions. These statements are based on a number of assumptions, including assumptions regarding general market conditions, timing and receipt of regulatory approvals, the ability of the Company and other relevant parties to satisfy regulatory requirements, the availability of financing for proposed transactions and programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there may be other factors which cause actual results to differ.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Today Rubicon announced the results of the Geoex Limited research of the Phoenix Gold Project. These results are no surprise to us, many investors seemed to be surprised, since the stock gained 33,26% today! We bought Rubicon in July of this year at a price of CAD$3,49 at today’s closing of CAD$6,13 meaning a 75,6% gain. We are not selling Rubicon. We expect the company to ad value for it’s shareholders for years to come. Production at the Phoenix Gold Project will able the company to aggressively explore their other projects, and thereby adding even more to their inferred resources.

Rubicon News Release:

- Total geological potential of F2 Gold System 13.3 to 16.1 million ounces grading 24.4 to 26.8 g/t -

TORONTO, Nov. 29 /CNW/ – Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) (“Rubicon”) is pleased to provide a NI 43-101 compliant inferred mineral resource estimate for the F2 Gold System, part of its 100%-owned Phoenix Gold Project located in the heart of the prolific Red Lake Gold District of Ontario. The estimate is summarized below:

Inferred Resource (5 g/t cutoff & 10 gram x metre product minimum)

Tonnes

Grade (g/t)

Grade (oz/ton)

Contained ounces

Total Inferred Resource

6,200,000

20.1

0.59

4,007,000

The inferred mineral resource estimate was prepared by Geoex Limited. (“Geoex”) based on 166,886 metres of diamond drilling in 237 drill holes carried out between February 27, 2008 (the date of the initial discovery) and July 31, 2010. The estimate does not include approximately 41,702 metres of drilling completed since July 31, 2010. The inferred resource estimate was prepared using the polygonal calculation method (see below for details) which, in the opinion of Geoex, is the appropriate method and is typically used for this type of deposit. The cut-off used is considered to be an economically reasonable estimate of breakeven mining costs.

“We are very pleased with these initial results. They demonstrate that the F2 Gold System is already a significant sized gold deposit. Importantly, the gold grade of 20.1 g/t gold is high compared to most major gold deposits around the world and is consistent with the overall Red Lake camp average grade, which is Red Lake’s key advantage. Our objective now, through our ongoing delineation program is to upgrade part of this large inferred resource, move towards development and to continue to expand the gold system. Underground development on the project has already cross-cut mineralized zones at the 305 metre level and delineation drilling is underway. Photographs of the new zones are available on the Company website at www.rubiconminerals.com.” stated David Adamson, President and CEO.

Geological Potential

In addition to the above referenced inferred resource estimate, Geoex carried out an evaluation of geological potential based on an analysis of the distribution of current drilling (strike length of 898 meters as of July 31,2010) and opportunity for infill and expansion drilling to depth. The system remains open along strike and to depth beyond the current limit of drilling.

The geological potential is based on the projection and extrapolation of the inferred resource present between 0 to 500 metres below surface as this area is considered well drilled and contains an inferred resource of 3,400,000 tonnes containing 2,680,000 oz at 24.4 g/t or 0.71 oz/ton. In the area between 500 and 1500 metres below surface, drilling is wider spaced and thus large parts of the system in this area have not been adequately drill tested, however, in the opinion of Geoex, based on a review of project data, experience from elsewhere in Red Lake and general observations on lode gold deposits, the grade and tonnage profile of the area above 500 metres is likely to be replicated to depth with additional drilling. The results of this analysis are summarized in the table below:

Depth

Potential Tonnes

Potential Grade

Potential Ounces

Above 500m (well drilled)

3,400,000 to 3,700,000

24.4 to 26.8 g/t

2,680,000 to 3,190,000

500-1500 metres (wide spaced drilling)

6,800,000 to 7,500,000

24.4 to 26.8 g/t

5,330,000 to 6,460,000

1500-2500 metres (no drilling – open)

6,800,000 to 7,500,000

24.4 to 26.8 g/t

5,330,000 to 6,460,000

Total to 2500 metres (open at depth)

17,000,000 to 18,700,000

24.4 to 26.8 g/t

13,340,000 to 16,110,000

The potential tonnages, grades and ounces set forth in the analysis of geological potential are conceptual in nature, as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

“From the early days of the discovery, we have always recognized that we are exploring a very robust and large mineralizing system, which is why we have dedicated significant drilling efforts to the 9X target area. As suggested by Geoex, the current 4.01 million ounce inferred gold resource may be only a small part of the overall gold potential of the F2 Gold System. Large areas remain to be infill-drilled and the system is open in all directions. We should also point out, we own 40% of the exploration real estate in Red Lake giving us a unique opportunity to find the next F2 Gold Deposit,” stated David Adamson, President and CEO.

Geoex will prepare an NI 43-101 compliant technical report in respect of the inferred resource estimate and geological potential discussed in this release which Rubicon will file on SEDAR within 45 days of the date this release was disseminated, and plans to complete a Preliminary Economic Assessment in respect of the F2 Gold System by the end of Q1, 2011.

Resource Calculation Methodology

The construction of the polygonal and block models was a product of collaboration between Rubicon and Geoex. Rubicon personnel included Matt Wunder P.Geo, V.P. Exploration and Eric Hinton P.Eng., Project Manager. All data in the resource evaluation were reviewed by Geoex with Mr. Peter George of Geoex assuming responsibility for the resource and geological potential estimates upon which the statements reported herein are based.

Polygonal Resource calculation

Source assay data were audited by a third party consulting firm (IoGlobal) specializing in data management and QA/QC analysis and composite intervals were calculated utilizing a minimum three and also a five gram cut-offand minimum 10 gram times metre product for all F2 system data to July 31, 2010. No top cut was applied to the data because, in the opinion of Geoex there is insufficient geostatistical data to properly determine an accurate top cut value at this time. The X, Y and Z centroid points were calculated and horizontal thickness for each composite interval was calculated utilizing a set of east-west cross sections (local mine grid). The composite intervals were classified by geological unit and centroid points for each composite interval were plotted on long sections for each geological domain utilizing AMine software. Individual zones were then interpreted in AMine.

The interpretation is largely based on a series of detailed cross sections confirming geological continuity vertically down dip and along strike (mine grid north-south). Polygons were plotted on long sections for each sub zone with ellipse parameters for the inferred resource of 75 metre vertical radius and 37.5 metre horizontal radius. Polygons were clipped where overlapping, clipped where the claim boundary and 15 metres below where the lake bottom surface was contacted. Polygon areas were calculated for each centroid point, horizontal thickness was applied to determine the volume, a specific gravity (“SG”) of 2.85 g/cm3 was applied, being derived from the average SG in preliminary metallurgical studies (see news release dated October 19, 2010). The volume of each polygon was calculated and assigned a gold grade. The sum of the polygons constitutes the inferred resource.

Block Model calculation

In addition to the polygonal resource calculation, as a means of validating the inferred resource estimate by an independent method, a block model was calculated utilizing Surpac software resulting in 5,830,000 tonnes, 3,210,000 ounces at 17.2 g/t or 0.50 opt. The block model results are within 6.7% of the tonnage, 17.1% of the contained ounces and 24.9% of the grade of the polygonal estimate (6,200,000 tonnes, 4,007,000 ounces at 20.1g/t gold or 0.59 opt). While Geoex does not consider the block model the most appropriate method for this type of deposit, the results are considered to provide strong supporting validation for the preferred polygonal estimate reported above. It should be noted that the block model results do not differ significantly regardless of whether a northeast (East Bay trend) or northwest (F2 trend) oriented search ellipse is used in the block model.

Data were audited prior to completion of the block model. For this inferred resource estimate, the data were treated as one domain. Assay data were composited at 1.0 metre intervals (no top cut was applied) and variogram analysis was completed. Two times the variogram range was utilized for oriented search ellipse parameters (list parameters) for the inferred resource calculation. A block size of 2m (E-W) by 4m (N-S) by 12m (vertical) was selected through an optimization process. Data were constrained by the lake bottom surface, the claim boundary and a western boundary was included to exclude any unrelated drilling carried out prior to February 2008. A SG of 2.85 g/cm3 was utilized.

Rubicon is a well-funded exploration and development company, focused on exploring and developing its high-grade gold discovery at its Phoenix Project in Red Lake, Ontario. Rubicon controls over 100 square miles of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp’s high-grade, world class Red Lake Mine.

RUBICON MINERALS CORPORATION
“David W. Adamson”
President & CEO

Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. The mineral resources in this press release were estimated using CIM Standards.

Qualified Persons

Rubicon has implemented a rigorous QA/QC program to ensure best practices in the sampling and analysis of drill core. Assays were conducted on sawn NQ-sized half core sections. Delineation drilling intercepts represent true horizontal width. The saw blade is routinely cleaned between samples when visible gold is noted during logging and sampling of the drill core. Assays were conducted by SGS Minerals Services using standard fire assay on a 30 gram (1 assay ton) sample with a gravimetric finish procedure. Assays are uncut as is standard practice in Red Lake. Standards, blanks and check assays were included at regular intervals in each sample batch. Check assays on 5% of samples are carried out at a third party independent laboratory. Gold standards were prepared by CDN Resource Laboratories Ltd. Exploration drill programs and all data forming the basis of the inferred resource estimate described in this release were supervised and verified by Terry Bursey, P.Geo,. Regional Manager for Rubicon and a Qualified Person as defined by NI 43-101. All data required for the block calculation described in this release was prepared and verified by Eric Hinton, P.Eng, Project Manager of Rubicon and a Qualified Person as defined by NI 43-10. The inferred resource estimate, including the polygonal resource calculation and the block model calculation, and the geological potential analysis were prepared by Peter George, P.Geo., President and consulting geologist of Geoex, an independent Qualified Person as defined by NI 43-101, and he verified all data received from Rubicon in connection with same.

Cautionary Note to U.S. Readers Regarding Estimates of Measured, Indicated and Inferred Resources

This press release uses the term “inferred resources.” We advise U.S. investors that while this term is recognized and required by Canadian regulations, it is not recognized by the SEC. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimates of “inferred mineral resources” may not form the basis of a feasibility study or prefeasibility studies, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute “reserves” as in-place tonnage and grade without reference to unit measures. The term “contained gold ounces” used in this press release is not permitted under the rules of the SEC. U.S. investors are cautioned not to assume that any part or all of a measured, indicated or inferred resource exists or is economically or legally mineable.

Forward Looking StatementsThis news release contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934 and “forward looking information” within the meaning of applicable Canadian provincial securities legislation (collectively, “forward-looking statements”) . Forward-looking statements often, but not always, are identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “targeting” and “intend” and statements that an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and other similar expressions. Forward-looking statements in this document include statements regarding estimates of mineral resources, estimates of gold grades and in-place ounces, the preparation and timing of a technical report in respect of the inferred resource estimate and the proposed Preliminary Economic Assessment and the timing and nature of future exploration programs. Our exploration programs are dependent on projections which may change as drilling continues, or if unexpected ground conditions are encountered. In addition, areas of exploration potential are identified which will require substantial drilling to determine whether or not they contain similar mineralization to areas which have been explored in more detail. The description of the extent of mineralized zones is not intended to imply that any economically mineable estimate of reserves or resources exists on the Phoenix project. Similarly, although geological features of the F2 Gold System are interpreted to show similarities to nearby gold producing mines owned by third parties, this should not be interpreted to mean that the F2Gold System has, or that it will generate similar reserves or resources. Significant additional drilling is required at F2 to fully understand system size before a meaningful resource calculation can be completed.

The forward-looking statements that are contained in this news release are based on various assumptions and estimates by Rubicon and involve a number of risks and uncertainties. As a consequence, actual results might differ materially from results forecast or suggested in these forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Rubicon to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause the actual results to differ include; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; uncertainties concerning reserve and resource estimates;results of exploration, availability of capital and financing on acceptable terms, inability to obtain required regulatory approvals, unanticipated difficulties or costs in any rehabilitation which may be necessary, market conditions and general business, economic, competitive, political and social conditions. These statements are based on a number of assumptions, including assumptions regarding general market conditions, timing and receipt of regulatory approvals, the ability of Rubicon and other relevant parties to satisfy regulatory requirements, the availability of financing for proposed transactions and programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. Although Rubicon has attempted to identify important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there may be other factors which cause actual results to differ. Forward-looking statements contained herein are made as of the date of this news release and Rubicon disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.